• Bitcoin (BTC) has had many ups and downs around the $28,000 mark for the last three weeks.
• The global crypto market cap dropped by roughly $23 billion in less than a week.
• BTC is trading at $28,300 at the time of writing, up by 1.4% in the past 24 hours.
Bitcoin Surpasses $28K Again
Bitcoin (BTC) has been fluctuating around the $28,000 mark for the past three weeks as the global crypto market capitalization dropped by roughly $23 billion in less than a week. At present, BTC is trading at around $28,300, having increased by 1.4% in the 24-hour period preceding this article’s writing.
On-Chain Activity Improving
The bullish momentum can be attributed to non-zero bitcoin addresses reaching an all-time high of 45.5 million according to data provided by Glassnode; suggesting that on-chain activity is improving significantly. Additionally, Bitcoin Miner Outflow has reached 52.418 BTC, which marks a one-month low; interpreted as another bullish sign by Glassnode analysts.
Exchange Flow Still Positive
Approximately $3.6 billion worth of bitcoin was moved into exchanges over seven days while more than $3.5 billion coins were withdrawn from these platforms during that time frame; indicating an overall flow of +$52.2 million to exchanges over this period..
Market Cap Retreats
Despite BTC’s strong performance, total crypto market capitalization retreated from its local high of $1.207 trillion on April 5 to just over 1$1 trillion at press time following a loss of about 23 billion dollars according to CoinMarketCap data . Presently bitcoin holds 46% share of total market cap with ethereum (ETH) occupying 18%.
To conclude, Bitcoin surged past the 28k mark again while global crypto market cap declined significantly over a short period of time due mainly to improved on-chain activity and exchange flows remaining positive even amidst heavy withdrawals from exchanges throughout this same duration